Duksan Neolux (213420) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Duksan Neolux makes the chemical materials that let OLED screens emit light. Its core products are hole transport layer (HTL) materials and red-prime-class auxiliary materials, and more recently it has become the effective sole supplier of Black PDL, a material that is essential to CoE panels, with most of its revenue coming from Samsung Display. Preliminary results on May 12 confirmed that Q1 net profit doubled, and on May 27 the company reshaped its business structure by acquiring shares in another company related to a subsidiary; over a period when the share price fell 40% in three months, several large-holding change reports (5%+ stakes) were filed. What stands out lately is that the company keeps expanding its share of business within Samsung Display, holds an effective monopoly on Black PDL, sits on a net-cash balance sheet, and trades at a forward P/E of 12.77x that is not demanding relative to its growth; the caution is that revenue is concentrated in a single customer, Samsung Display, so results move with panel output, smartphone demand, and the pace of new-product adoption.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Electronic Components” (Semiconductors & IT Components), a type typically read first through forward P/E.
Electronic components swing with set-makers' product launches and demand cycles, so what lies ahead matters more than earnings already booked. That makes forward P/E — pricing the shares against expected earnings — the first metric to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 62.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 92.1% higher than a year earlier.
- ROE is 13.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Duksan Hi-Metal 36.67% (corporate)
Controlling bloc incl. related parties 44.15%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
When an OLED screen turns on, it emits red, green, and blue light. This company makes the chemical materials that actually produce that light. It has two main products. One is the hole transport layer (HTL), which carries charge to the light-emitting layer. The other is an auxiliary material (in the red-prime class) that raises the efficiency of red light. More recently, a black material that separates the pixels (Black PDL) has emerged as a new growth axis. This Black PDL is essential to CoE panels, a new technology that makes screens thinner and brighter, and Duksan Neolux is effectively its sole supplier. Most revenue comes from its largest customer, Samsung Display.
The latest close is ₩34,000 and the market capitalization is ₩844.3 billion. The price sits above its 20-day moving average (₩29,828) and below its 60-day moving average (₩35,019). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.7, a neutral level. The one-month change is +15.7%, the three-month change is -35.2%, and the position relative to the 52-week high is -39.1%. Relative strength versus the KOSDAQ is 58 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it lagged the index by 1.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many years of earnings the share price equals) is 15.87x, near the market median. The P/B (how many times the company's net assets the price represents) is 1.80x. ROE (how much a company earns in a year on its equity) is 11.8%, a level that puts its equity to steady use. The operating margin is 17.6%, quite high for a materials company. The balance sheet is solid: the company is in a net-cash position, holding more cash than debt to repay. The current ratio (assets that can be used immediately versus debt due within a year) is 3.6x, leaving ample room. EV/EBIT (a P/E equivalent that also reflects debt, enterprise value divided by operating profit) is 11.4x, lower than the P/E, which means that because the company holds net cash it looks even cheaper once debt is taken into account. The FCF yield (the ratio of cash actually generated to market cap) is 6.2%, indicating healthy cash generation as well.
Growth is fast. In 2025, revenue rose 62.2% to ₩344.3 billion. Net profit grew 16.2% to ₩53.2 billion. Revenue has increased for three straight years. Q1 2026 was even stronger: revenue jumped 92.1% year-on-year to ₩72.9 billion, and net profit rose 105% to ₩16.8 billion. Two things drive the growth. One is that the company's share of light-emitting materials within Samsung Display keeps rising. The other is that as thin, bright CoE panels increase, revenue from Black PDL, its monopoly material, grows alongside. Reflecting this trend, 2026 net profit is estimated at around ₩66.0 billion, up about 24% year-on-year. On that estimated profit, the forward P/E is 12.77x, lower than the 14.2x based on last year's results. In a phase of expanding profit, the forward-looking multiple is cheaper.
Earnings and equity-related disclosures have been at the center of the recent flow. The preliminary results on May 12 confirmed that Q1 net profit doubled. On May 14 the company held an investor briefing (IR) to explain its business directly. On May 27 it decided to acquire shares in another company related to a subsidiary, adjusting its business structure. In March a new CEO took office and the annual general meeting concluded. Also notable is that several large-holding change reports for stakes above 5% were filed over the past few months, meaning major holders shifted their positions while the share price fell sharply.
The strengths are clear. Within Samsung Display, a firm customer, the company is expanding its share. It holds an effective monopoly on Black PDL, the key material for the new CoE technology. Results are climbing steeply in both revenue and profit. The balance sheet is solid, with net cash and a high current ratio. Yet the share price fell 40% over the past three months, moving opposite to results. A forward P/E of 12.77x is not demanding given this growth. There are cautions too. Revenue is heavily concentrated in a single customer, Samsung Display; if the customer's panel output falls, results wobble with it. Results are tied to smartphone demand and the pace of new-product adoption (foldables, new iPhones). In short, the company is strong when CoE adoption widens and Samsung Display's utilization holds, and weaker when smartphone demand turns down.
🔎 Valuation vs peers Fairly valued
Compared against domestic listed companies that make OLED and display materials and are closest in business nature.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Innox Advanced Materials | 7.13x | 1.00x | 12.61% |
| Soulbrain | 29.27x | 2.13x | 7.72% |
| Duksan Techopia | — | 1.91x | -66.56% |
The 14.2x P/E on last year's results sits in the middle of the display-materials peer set, higher than Innox Advanced Materials (8.1x) and lower than Soulbrain (29.9x). Looking only at last year's multiple, though, makes the stock appear pricier than it is because profit is growing quickly. On forward-looking earnings the forward P/E drops to 11.4x. Adding debt into the picture, EV/EBIT is 11.4x, similar to or below the P/E, meaning that because the company holds net cash the valuation looks even cheaper once debt is reflected. Taken together with its growth pace (Q1 net profit +105%) and its monopoly-material edge, the current valuation is not stretched.
Price history Close · MA20 · MA60
The latest close is ₩34,000 and the market capitalization is ₩844.3 billion. The price sits above its 20-day moving average (₩29,828) and below its 60-day moving average (₩35,019). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.7, a neutral level. The one-month change is +15.7%, the three-month change is -35.2%, and the position relative to the 52-week high is -39.1%. Relative strength versus the KOSDAQ is 58 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it lagged the index by 1.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -1.63% / 6M +24.72% / 12M -16.56%
Key metrics Computed vs sector median
Valuation
The P/E of 15.87x is in line with the sector median (15.45x). The P/B of 1.80x is above the sector median (0.86x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.243x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.2%, above the sector average (4.0%). The operating margin is 17.9%. The debt ratio is 51.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $115.0M | $149.1M | $241.9M | +62.22% ↑ faster |
| Operating profit | $23.1M | $36.9M | $42.7M | +15.76% ↓ slower |
| Net profit | $25.2M | $32.1M | $37.4M | +16.23% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $134.4M | $124.1M | $115.0M | $149.1M | $241.9M |
| Operating profit | $35.8M | $31.5M | $23.1M | $36.9M | $42.7M |
| Net profit | $32.9M | $27.3M | $25.2M | $32.1M | $37.4M |
| Revenue CAGR | 4-yr avg 15.82% | ||||
Revenue rose 62.2% year over year (2023 ₩163.7 billion → 2024 ₩212.3 billion → 2025 ₩344.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 15.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 15.8%. The two-year revenue CAGR is 45.0%. In the most recent quarter (Q1 2026), revenue was 92.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 13.2% points to solid profitability.
- Revenue grew 62.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-12EarningsPreliminary consolidated Q1 2026 results disclosed. Revenue ₩72.9 billion, operating profit ₩17.1 billion, and net profit ₩16.8 billion, with net profit up about 105% year-on-year.Confirms the growth trend as OLED-material share expands and new-material revenue is reflected (short-term positive, mid-term earnings momentum). Source
- 2026-05-14IRInvestor briefing (IR) held. The company explained its business status and results directly to investors.An occasion to confirm business direction and demand trends through the company's official channel (mid-term reference). Source
- 2026-05-27FilingDecision to acquire shares and investment securities in another company related to a subsidiary. A stake acquisition in the nature of a business-structure adjustment.A signal of tidying up the business portfolio and governance (mid-term reference). Source
- 2026-03-26FilingDisclosure of a change of CEO and the results of the annual general meeting. Management and agenda items settled.Possible shift in management direction following the leadership change (mid-term reference). Source
- 2026-06-09FilingFiling of a (simplified) large-holding status report. A report of holding changes by holders of 5%+ stakes.Suggests large stakes moved during the sharp price decline (short-term reference). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit | ₩16.8 billion | (2026-05-12) | Confirmed | link |
| FY2025 annual results (revenue and net profit) | revenue ₩344.3 billion, net profit ₩53.2 billion | (2025.12) (2026-03-18) | Confirmed | link |
| 2026 net profit estimate and forward P/E | net profit approx. ₩66.0 billion, forward PER 11.4x | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-27Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-12EarningsFair-disclosure notice
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.